Hello,
My rental income from my rental will get wiped out by expenses and depreciation, thus going into the negatives. Usually, I can reduce my personal income for a greater tax return.
However, with 0 liability, doubt i'd get anything out of it. So can I elect to carry the excess expenses to 2019 instead or will I be forced to use it to reduce my personal income, even though I'm tax-free?
Thanks,
-Joe
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Unfortunately, no. You can't carry it forward. The only situation that would allow you to carry forward rental losses would be if your income were too high to be able to take advantage of the full $25,000 passive loss.
Unfortunately, no. You can't carry it forward. The only situation that would allow you to carry forward rental losses would be if your income were too high to be able to take advantage of the full $25,000 passive loss.
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